Article2015

Assessing the State of Financial Distress in Listed Companies in Ghana: Signs, Sources, Detection and Elimination – A Test of Altman’s Z-Score

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Financial Distress and Bankruptcy Prediction Financial Analysis and Corporate Governance Corporate Insolvency and Governance

Abstract

This article discusses the corporate financial distress in the light of its meaning, signs, sources, detection and methods of elimination. The article applies Altman’s Z-Score to the financial statements of ten companies listed on the Ghana Stock Exchange (GSE) to determine the level of their financial soundness. The data used in the study were drawn from the website of ARG covering the period 2007 to 2013. The study finds six companies being financially sound and not in danger of financial distress, two companies in financial distress and two others in state of deterioration and likely candidates for financial distress. It is however worth noting that the two companies found to be in financial distress have not filed for bankruptcy in the period of the study.

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References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1966Financial Ratios As Predictors of Failure 2009A resolution of the distress risk and leverage puzzles in the cross section of stock returns 1976Accounting Theory and Practice 2002CORPORATE DISTRESS PREDICTION MODELS IN A TURBULENT ECONOMIC AND BASEL II ENVIRONMENT 2009Predicting financial distress of companies listed on the JSE: A comparison of techniques 2000Managing Financial and Corporate Distress: Lessons from Asia 2009Performance Ratios for Managerial Decision-Making in a Growing Firm

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